The world is veering more and more towards digitalization of currency. There has been subtle, and sometimes not so subtle hints of the digital direction our financial system is headed. It is something I covered in recent weeks in the below articles:
https://steemit.com/cryptocurrency/@godcoin/wealth-and-the-kingdom-of-heaven
More articles and insight on GODcoin (the digital currency of the future) can be found here:
A step towards digitalization and something not everybody may be familiar with at the moment, is Making Tax Digital for VAT.
Making Tax Digital for VAT is what HM Revenue & Customs (HMRC) have introduced in a step towards Making Tax Digital (MTD).
To begin with the service will be for VAT reporting and record keeping, with other taxes being mandated at a later stage.
The pilot service is currently open to around half a million VAT-registered businesses, with some already keeping digital records and providing updates to HMRC to test and develop the Making Tax Digital service.
Private testing will be continuing from late 2018 through early 2019 with partnerships and some customers that trade with the EU.
Making Tax Digital for VAT will be mandated by April 2019 for all VAT-registered businesses with a taxable turnover above the VAT threshold (Some will be deferred to begin with, but will also be mandated by October 2019) - As stated on the GOV.UK website (information from below Overview link).
HM Revenue & Customs have provided an Overview of Making Tax Digital (GOV.UK website):
Introduction to Making Tax Digital:
Making Tax Digital is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs.
HMRC’s ambition is to become one of the most digitally advanced tax administrations in the world. Making Tax Digital is making fundamental changes to the way the tax system works – transforming tax administration so that it is:
- more effective
- more efficient
- easier for taxpayers to get their tax right
The full GOV.UK Overview can be viewed here:
https://www.gov.uk/government/publications/making-tax-digital/overview-of-making-tax-digital
Making Tax Digital for VAT timeline (from HMRC):
YouTube video on Making Tax Digital (released by HMRCgovuk):
Make no mistake, the world is going digital with finances and GODcoin will be the digital currency of the very near future.
The GODcoin website:
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More information is available here:
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